Newport Budget Forecasts Drop in Income, Expenses
Newport Beach’s tentative budget for 1998-99, released Friday, shows revenue and expenses are both expected to drop from this year.
Total revenue will decrease about 15%, from $133 million to $116 million, City Manager Kevin J. Murphy wrote the City Council in his report. But much of the drop is due to grants that have run out or one-time capital-improvement payments from developers, he said.
Expected general-fund spending of $120 million also is down, about 11% from this year’s $133 million. Anticipated spending exceeds revenue, but the difference will be made up in special reserve funds that had been set aside for projects in the coming year, including street and highway maintenance, and construction of the Bonita Canyon/Freeway Reservation Parks, Murphy said.
The City Council will now hold study sessions and public hearings to make changes to the budget, before approving its final form by June 30.
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